RD Order reduces penalty considering no business income ground (Violation u/s 203, Penalty reduced from 15 Lakhs to 2.25 Lakhs -Order dated 05 Jan 2024)

Grounds considered for reducing the penalty :

👉 No business income during the period of default

👉 Other income was only notional income on OFCD

👉 Interest on OFCD not paid till repayment of entire term loan

👉 No fund available to pay remuneration to CS as per the market standards

👉 Appointment of whole time company secretary in July 2017 (Vacant since Dec 2014)